BMMI announces strong 2014 performance
BMMI is pleased to announce a strong financial and operational performance during the year ended December 31, 2014.
With the confidence and drive gained from its notable success in 2013, BMMI was, once again, able to register another prosperous year. During the last quarter of 2014, the Group increased its revenue from BD 25.6 million (Quarter 4 2013) to BD 27.7 million and achieved a Net Profit of BD 2.6 million, compared to BD 3 million for the same quarter in 2013.
In 2014, the Group substantially increased its annual sales revenue from BD 98.3 million in 2013 to BD 106 million and achieved a Net Profit of BD 11.3 million, compared to BD 10 million in 2013. This was accompanied by a total increase in Assets from BD 77.6 million in 2013 to BD 81.5 million.
The year 2014 was yet another success milestone to BMMI. This success was due to the Group’s strategic investments in infrastructure, assets, quality and operational systems through various initiatives, including the entry into the Iraqi market, Alosra Supermarket’s expansion in Bahrain and the Kingdom of Saudi Arabia, and the opening of two new high-end restaurants in Gudhaibiya, Block 338, Kingdom of Bahrain.
On another note, BMMI’s Consumer Division and African operations have also shown solid results, accompanied by significant growth in Alosra Supermarkets and a substantial increase in Beverages sales. This was achieved through extensive business development efforts and many improvements and modifications made to the Group’s distribution platforms and warehouse management.
Concurrent to that, the Group also invested in new systems and policies in various other divisions and departments, to include the re-certification of its Integrated Management System that enabled it to continue expanding its “Contracting” Business with the Extraction Sector, NGOs and other International Organizations.
Commenting on the year’s performance, BMMI Chairman of the Board, Mr Abdulla Hassan Buhindi, said, “I am really proud to say that BMMI was able, once again, to achieve strong financial results, with year on year increased growth momentum across all divisions of the Group. In 2014, we continued to operate from a strong position, with a strong financial position and healthy financial reserves, enabling the Group to achieve its goals and meet the expectations of our honourable shareholders.”
From his side, President and CEO, Mr Gordon Boyle, emphasised on the importance of BMMI’s strategic planning for 2014, saying, “Despite many economic uncertainties, setbacks and political turmoil on the regional and international level, I am very pleased that BMMI has, once again, proved the accuracy of its strategic projections through the positive impact of its strategic investments during the year 2014”.
In its meeting held on Monday 16 February 2015, the Board of Directors recommended to the Annual General Meeting of the Shareholders the distribution of cash dividend at 50% of the issued share capital excluding treasury shares (50 fils per share of which 20 fils was already distributed as interim dividend during the year 2014) and Bonus shares at the rate of one bonus share for each ten existing shares to the shareholders whose names are registered in the company’s records on the day of the General Assembly. This recommendation is subject to approval by the competent authorities.